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Export Credit Guarantee Corporation of India
From Wikipedia, the free encyclopedia
Export Credit Guarantee Corporation of India
Type State-owned enterprise
Public
Industry Insurance
Founded 30 July 1957
Headquarters Mumbai, Maharashtra, India
Key people (Chairman&MD)
Products Insurance
Website Official Website
The Export Credit Guarantee Corporation of India Limited (ECGC)
is a company wholly owned by
theGovernment of Indiabased inMumbai,Maharashtra.[1]
It provides export creditinsurancesupport to
Indian exporters and is controlled by theMinistry of
Commerce.Government of Indiahad initially set up
Export Risks Insurance Corporation (ERIC) in July 1957. It was
transformed into Export Credit and
Guarantee Corporation Limited (ECGC) in 1964 and to Export
Credit Guarantee of India in 1983.
History
ECGC of India Ltd, was established in July, 1957 to strengthen
the export promotion by covering the risk of exporting on credit.
[2]It functions under the
administrative control of the Ministry of Commerce &
Industry, Department of Commerce, Government of India. It is
managed by a Board of Directors
comprising representatives of the Government, Reserve Bank of
India, banking, insurance and exporting community. [3]
ECGC is the fifth largest credit insurer of the world in terms
of coverage of national exports. The present paid-up capital of the
company is Rs.900 crores and
authorized capital Rs.1000 crores.[4]
[edit]What does ECGC do?
Provides a range of credit risk insurance covers to exporters
against loss in export of goods and services.
Offers guarantees to banks and financial institutions to enable
exporters to obtain better facilities from them.
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Provides Overseas Investment Insurance to Indian companies
investing in joint ventures abroad in the form of equity or
loan.
.
[edit]How does ECGC help exporters?
Offers insurance protection to exporters against payment
risks
Provides guidance in export-related activities
Makes available information on different countries with its own
credit ratings
Makes it easy to obtain export finance from banks/financial
institutions
Assists exporters in recovering bad debts
Provides information on credit-worthiness of overseas
buyers[edit]Need for export credit insurance
Payments for exports are open to risks even at the best of
times. The risks have assumed large proportions today due to the
far-reaching political and
economic changes that are sweeping the world. An outbreak of war
orcivil warmay block or delay payment for goods exported. A coupor
an insurrection
may also bring about the same result. Economic difficulties or
balance of payment problems may lead a country to impose
restrictions on either import of
certain goods or on transfer of payments for goods imported. In
addition, the exporters have to face commercial risks
ofinsolvencyor protracted default of
buyers. The commercial risks of a foreign buyer goingbankruptor
losing his capacity to pay are aggravated due to the political and
economic uncertainties.
Export credit insurance is designed to protect exporters from
the consequences of the payment risks, both political and
commercial, and to enable them to
expand their overseas business without fear of loss.
Cooperation agreement with MIGA (Multilateral Investment
Guarantee Agency) an arm ofWorld Bank. MIGA provides:
1. Political insurance for foreign investment in developing
countries.
2. Technical assistance to improve investment climate.
3. Dispute mediation service.
Under this agreement protection is available against political
and economic risks such as t ransfer restriction, expropriation,
war, terrorism and civil
disturbances etc...
[edit]Notable Records
Largest Policy short term Rs.450 crores Largest database on
buyers 8 lakhs Largest credit limit Rs.80 Crores Largest claim paid
Rs.120 crores Quickest claim paid 2 days Highest compensation-Iraq
Rs 788 Crores[citation needed] on 31.3.2012 ECGC has achieved a
magical milestone of Rs.1000 Crores of premium income......well
deserved achievement by the efforts put in by
All the officers of the Corporation. Thanks are due to the
parent ministry officials, Export Customers and all Nationalised
and other private Banks.....
ECGC now offers various products for the exporters and bankers.
If readymade products are NOT suited to an exporter/banker then
ECGC designs tailor
made products.
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